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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period _______ to _______
Commission File Number 0-06136
 CORUS BANKSHARES, INC.
  Minnesota
    
    41-0823592(State of incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 3959 N. Lincoln Ave., Chicago, Illinois
    
    60613-2431
    
    (773) 832-3088(Address of principal executive offices)
    
    (Zip Code)
    
    (Registrants telephone number)
 Securities registered pursuant to Section 12(b) of the Act:
 Title of each class
    
    Name of exchange on which registeredCommon stock, par value $0.05 per share
    
    NASDAQ
 Yes þ No o
 Yes o No þ
 þ o
  ̈
  Large accelerated filer þ
    
    Accelerated filer oNon-accelerated filer o
    
    Smaller reporting company o
 o þ
  Documents Incorporated By Reference




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TABLE OF CONTENTS
 PART IItem 1. Business
    
    
    1Item 1A. Risk Factors
    
    
    13Item 1B. Unresolved Staff Comments
    
    
    18Item 2. Properties
    
    
    18Item 3. Legal Proceedings
    
    
    19Item 4. Submission of Matters to a Vote of Security Holders
    
    
    19PART IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    20Item 6. Selected Financial Data
    
    
    21Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    21Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    21Item 8. Financial Statements and Supplementary Data
    
    
    22Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    29Item 9A. Controls and Procedures
    
    
    29Item 9B. Other Information
    
    
    29PART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    30Item 11. Executive Compensation
    
    
    31Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    31Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    31Item 14. Principal Accounting Fees and Services
    
    
    31PART IVItem 15. Exhibits, Financial Statement Schedules
    
    
    32Signatures
    
    
    35Exhibit 13Exhibit 23Exhibit 31.1Exhibit 31.2Exhibit 32




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PART I
 
 ITEM 1. BUSINESS
  Commercial Real Estate Lending
 Principal Products and Services
       1




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Principal Markets and Methods of Distribution
   Customer Concentrations
   2




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Underwriting Policies and Risk Profile for Each Category of Loans
 Condominium Construction Loans
  Construction Risk -
    Market Risk -
     3




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Condominium Conversion Loans
    Construction Risk -
  Market Risk -
    4




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Personnel and Related Matters
        5




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Deposit Gathering
   Servicing the Check Cashing Industry
  Segment Information
  Competition
    6




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Employees
  Supervision and Regulation
 General
    Bank Holding Company Act of 1956, as amended (the Act)
    7




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Source of Strength Doctrine
  Illinois Banking Law
  General Safety and Soundness
     8




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FDIC Deposit Insurance
   Bank Secrecy Act & USA PATRIOT Act
    9




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Capital Adequacy
     Interstate Banking
   10




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Gramm-Leach-Bliley Act of 1999
   Identity Theft Prevention Program
  Dividend Restrictions
    11




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Access to Reports
 www.corusbank.com
 Executive Officers
   12




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ITEM 1A. RISK FACTORS
  The Companys focus on condominium lending and geographic concentration has adversely affected and
could continue to adversely affect the Companys operations.
  The Companys loan portfolio is subject to construction risk and market risk.
  Weakening economic conditions in the residential real estate sector have negatively impacted, and
may continue to negatively impact, the Companys financial condition and results of operations.
   13




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Tightening lending standards to home purchasers may indirectly adversely affect the Companys
results of operations.
  The slowdown in the residential real estate sector could lead to foreclosures, which could
adversely affect the Companys results of operations.
  Declining loan balances could adversely affect the Companys results of operations.
  The Companys Allowance for Credit Losses may prove to be insufficient to absorb potential losses
in the loan portfolio.
   14




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The financial services industry is highly competitive.
  
    
    interest rates and points/fees charged on loans
    
    interest rates paid on deposits
    
    service charges
    
    banking hours
    
    locations including ATM access and
    
    other service-related products.
  The Companys business is subject to interest rate risk and variations in market interest rates may
negatively affect its financial performance.
  The Company is subject to price risk related to its portfolio of equity investments.
  The Company may be unable to attract and retain sufficient cost-effective funding.
   15




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The Companys future success depends, in part, on its ability to attract and retain experienced and
qualified personnel.
  The Company is a bank holding company, and its sources of funds are limited.
      16




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The Company operates in a heavily regulated environment.
  The USA Patriot and Bank Secrecy Acts could create liabilities for the Company.
  Changes in accounting standards could impact reported earnings.
  Income tax regulations are complex and subject to change.
  Ownership of Corus outstanding common shares is concentrated in the Glickman Family.
   17




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ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
   18




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ITEM 3. LEGAL PROCEEDINGS
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   19




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PART II
 
 ITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES
 Price Range of Common Stock
  Approximate Number of Equity Security Holders
  Dividends on Common Stock
  Issuer Purchases of Equity Securities
 (a)
    
    
    (b)
    
    
    (c)
    
    
    (d)Total Number of Shares
    
    
    Maximum Number ofTotal Number
    
    
    Average
    
    
    Purchased as Part of
    
    
    Shares that May Yet Beof Shares
    
    
    Price Paid
    
    
    Publicly Announced Plans
    
    
    Purchased Under thePeriod
    
    Purchased
    
    
    per Share
    
    
    or Programs
    
    
    Plans or ProgramsOctober 1-31, 2007
    
    
    236,000
    
    
    $
    10.85
    
    
    
    236,000
    
    
    
    5,968,870November 1-30, 2007
    
    
    1,068,870
    
    
    $
    9.70
    
    
    
    1,068,870
    
    
    
    4,900,000December 1-31, 2007
    
    
    191,900
    
    
    $
    9.57
    
    
    
    191,900
    
    
    
    4,708,100Total
    
    
    1,496,770
    
    
    $
    9.87
    
    
    
    1,496,770
    
    
    
    4,708,100
   20




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ITEM 6. SELECTED FINANCIAL DATA
  
 ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
   
 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
   21




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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  Supplementary Statistical Data
  Carrying Value of Securities by Category
  December 31(in thousands)
    
    2007
    
    
    2006
    
    
    2005U.S. Government agencies
    
    $
    3,618,265
    
    
    $
    5,178,270
    
    
    $
    3,228,016Common stocks
    
    
    135,981
    
    
    
    217,042
    
    
    
    184,541Mortgage backed securities
    
    
    
    
    
    
    4,816
    
    
    
    Other
    
    
    31,253
    
    
    
    31,139
    
    
    
    30,081Total
    
    $
    3,785,499
    
    
    $
    5,431,267
    
    
    $
    3,442,638
  22




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Maturities of Securities
  Not due atOne year
    
    
    a single(in thousands)
    
    or less
    
    
    maturity
    
    
    TotalU.S. Government agencies
    
    $
    3,618,265
    
    
    $
    
    
    
    $
    3,618,265Common stocks
    
    
    
    
    
    
    135,981
    
    
    
    135,981Other
    
    
    
    
    
    
    31,253
    
    
    
    31,253Total
    
    $
    3,618,265
    
    
    $
    167,234
    
    
    $
    3,785,499
  Not due atOne year
    
    
    a singleor less
    
    
    maturity
    
    
    TotalU.S. Government agencies
    
    
    4.78
    %
    
    
    
    %
    
    
    4.78
    %Common stocks
    
    
    
    
    
    
    6.93
    
    
    
    6.93Other
    
    
    
    
    
    
    5.84
    
    
    
    5.84
 tax-advantaged
  23




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Classification of Loans
  December 31(in thousands)
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Commercial real estate:Condominium:Construction
    
    $
    3,460,923
    
    
    $
    2,615,037
    
    
    $
    1,919,232
    
    
    $
    801,201
    
    
    $
    477,659Conversion
    
    
    583,871
    
    
    
    1,236,519
    
    
    
    1,789,612
    
    
    
    789,568
    
    
    
    340,167Inventory
    
    
    64,215
    
    
    
    51,323
    
    
    
    96,532
    
    
    
    152,051
    
    
    
    Other commercial real estate
    
    
    241,658
    
    
    
    171,762
    
    
    
    599,048
    
    
    
    890,101
    
    
    
    1,448,185Total commercial real estate
    
    $
    4,350,667
    
    
    $
    4,074,641
    
    
    $
    4,404,424
    
    
    $
    2,632,921
    
    
    $
    2,266,011Commercial
    
    
    41,317
    
    
    
    42,319
    
    
    
    84,381
    
    
    
    109,582
    
    
    
    98,621Residential real estate and other
    
    
    17,403
    
    
    
    25,019
    
    
    
    35,706
    
    
    
    51,325
    
    
    
    69,139Loans, net of unearned income
    
    $
    4,409,387
    
    
    $
    4,141,979
    
    
    $
    4,524,511
    
    
    $
    2,793,828
    
    
    $
    2,433,771Mezzanine loans included in
total commercial real estate
    
    $
    123,956
    
    
    $
    195,649
    
    
    $
    132,432
    
    
    $
    111,278
    
    
    $
    53,790
 Maturities of Loans and Sensitivity to Changes in Interest Rates
  One year
    
    
    From one
    
    
    After(in thousands)
    
    or less
    
    
    to five years
    
    
    five years
    
    
    TotalCommercial real estate:Condominium:Construction
    
    $
    2,141,434
    
    
    $
    1,319,489
    
    
    $
    
    
    
    $
    3,460,923Conversion
    
    
    561,054
    
    
    
    22,817
    
    
    
    
    
    
    
    583,871Inventory
    
    
    4,275
    
    
    
    59,940
    
    
    
    
    
    
    
    64,215Other commercial real estate
    
    
    196,710
    
    
    
    43,060
    
    
    
    1,888
    
    
    
    241,658Total commercial real estate
    
    $
    2,903,473
    
    
    $
    1,445,306
    
    
    $
    1,888
    
    
    $
    4,350,667Commercial
    
    
    21,781
    
    
    
    17,224
    
    
    
    2,312
    
    
    
    41,317Residential real estate and other
    
    
    3,166
    
    
    
    3,311
    
    
    
    10,926
    
    
    
    17,403Loans, net of unearned income
    
    $
    2,928,420
    
    
    $
    1,465,841
    
    
    $
    15,126
    
    
    $
    4,409,387
   24




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Risk Elements in the Loan Portfolio
  December 31(in thousands)
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003NonaccrualCondominium:Construction
    
    $
    105,066
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Conversion
    
    
    177,086
    
    
    
    72,472
    
    
    
    
    
    
    
    
    
    
    
    Inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total condominium
    
    
    282,152
    
    
    
    72,472
    
    
    
    
    
    
    
    
    
    
    
    Other commercial real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,818Commercial
    
    
    28
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Residential real estate and other
    
    
    
    
    
    
    70
    
    
    
    73
    
    
    
    76
    
    
    
    78Total nonaccrual
    
    
    282,180
    
    
    
    72,542
    
    
    
    73
    
    
    
    76
    
    
    
    7,896Loans 90 days or more past due
    
    
    463
    
    
    
    34,365
    
    
    
    544
    
    
    
    5,675
    
    
    
    1,236Total Nonperforming Loans
    
    
    282,643
    
    
    
    106,907
    
    
    
    617
    
    
    
    5,751
    
    
    
    9,132Other real estate owned (OREO)
    
    
    36,951
    
    
    
    8,439
    
    
    
    
    
    
    
    40
    
    
    
    66Total Nonperforming Assets
    
    $
    319,594
    
    
    $
    115,346
    
    
    $
    617
    
    
    $
    5,791
    
    
    $
    9,198Troubled
debt restructurings(1)
    
    
    153,453
    
    
    
    
    
    
    
    14,727
    
    
    
    23,479
    
    
    
    6,436
 
 (1) To the extent not included in either nonaccrual or loans 90 days or more past due.    25




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Analysis of the Allowance for Loan Losses
  Year Ended December 31(in thousands)
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Balance at beginning of year
    
    $
    45,293
    
    
    $
    39,740
    
    
    $
    32,882
    
    
    $
    36,448
    
    
    $
    36,629Provision for credit losses
    
    
    66,000
    
    
    
    7,500
    
    
    
    6,000
    
    
    
    
    
    
    
    Less charge-offs:Commercial real estate:Condominium:Construction
    
    
    (7,490
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Conversion
    
    
    (32,958
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other commerical real estate
    
    
    
    
    
    
    (1,512
    )
    
    
    
    
    
    
    
    
    
    
    Commercial
    
    
    
    
    
    
    (756
    )
    
    
    (504
    )
    
    
    (13
    )
    
    
    (1,632
    )Residential real estate and other
    
    
    (179
    )
    
    
    (372
    )
    
    
    (423
    )
    
    
    (652
    )
    
    
    (1,663
    )Total charge-offs
    
    
    (40,627
    )
    
    
    (2,640
    )
    
    
    (927
    )
    
    
    (665
    )
    
    
    (3,295
    )Add recoveries:Commercial real estate:Condominium:Construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Conversion
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other commerical real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commercial
    
    
    133
    
    
    
    8
    
    
    
    218
    
    
    
    
    
    
    
    873Residential real estate and other
    
    
    693
    
    
    
    1,185
    
    
    
    1,567
    
    
    
    2,099
    
    
    
    2,241Total recoveries
    
    
    826
    
    
    
    1,193
    
    
    
    1,785
    
    
    
    2,099
    
    
    
    3,114Net (charge-offs)/recoveries
    
    
    (39,801
    )
    
    
    (1,447
    )
    
    
    858
    
    
    
    1,434
    
    
    
    (181
    )Reclassification to reserve for loan losses
related to unfunded commitments
    
    
    (500
    )
    
    
    (500
    )
    
    
    
    
    
    
    (5,000
    )
    
    
    Balance at end of year
    
    $
    70,992
    
    
    $
    45,293
    
    
    $
    39,740
    
    
    $
    32,882
    
    
    $
    36,448Net (charge-offs)/recoveries as a
percentage of average loans outstanding
    
    
    (0.98
    %)
    
    
    (0.03
    %)
    
    
    0.02
    %
    
    
    0.06
    %
    
    
    (0.01
    %)
  26




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Allocation of the Allowance for Loan Losses
  December 31(in thousands)
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Commercial real estate:Condominium:Construction
    
    $
    40,892
    
    
    $
    24,258
    
    
    $
    14,704
    
    
    $
    5,962
    
    
    $
    6,211Conversion
    
    
    20,332
    
    
    
    15,166
    
    
    
    13,710
    
    
    
    5,876
    
    
    
    4,423Inventory
    
    
    1,032
    
    
    
    550
    
    
    
    740
    
    
    
    1,131
    
    
    
    Other commercial real estate
    
    
    2,375
    
    
    
    1,293
    
    
    
    4,589
    
    
    
    6,623
    
    
    
    18,830Commercial
    
    
    2,337
    
    
    
    1,517
    
    
    
    1,393
    
    
    
    673
    
    
    
    443Residential real estate and other
    
    
    175
    
    
    
    261
    
    
    
    607
    
    
    
    3,152
    
    
    
    4,205Unallocated
    
    
    3,849
    
    
    
    2,248
    
    
    
    3,997
    
    
    
    9,465
    
    
    
    2,336Total
    
    $
    70,992
    
    
    $
    45,293
    
    
    $
    39,740
    
    
    $
    32,882
    
    
    $
    36,448Mezzanine included in the above
    
    
    5,318
    
    
    
    6,847
    
    
    
    3,941
    
    
    
    1,077
    
    
    
    496
  Loan Portfolio Composition
  December 312007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Commercial real estate:Condominium:Construction
    
    
    79
    %
    
    
    63
    %
    
    
    42
    %
    
    
    29
    %
    
    
    20
    %Conversion
    
    
    13
    
    
    
    30
    
    
    
    40
    
    
    
    28
    
    
    
    14Inventory
    
    
    1
    
    
    
    1
    
    
    
    2
    
    
    
    5
    
    
    
    Other commercial real estate
    
    
    6
    
    
    
    4
    
    
    
    13
    
    
    
    32
    
    
    
    59Commercial
    
    
    1
    
    
    
    1
    
    
    
    2
    
    
    
    4
    
    
    
    4Residential real estate and other
    
    
    
    
    
    
    1
    
    
    
    1
    
    
    
    2
    
    
    
    3Total
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
  27




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Deposits
  (in thousands)
    
    Total
    
    
    Retail
    
    
    BrokeredMaturing within 3 months
    
    $
    745,677
    
    
    $
    722,066
    
    
    $
    23,611After 3 but within 6 months
    
    
    795,640
    
    
    
    762,090
    
    
    
    33,550After 6 but within 12 months
    
    
    995,278
    
    
    
    961,340
    
    
    
    33,938After 12 months
    
    
    123,053
    
    
    
    8,907
    
    
    
    114,146Total
    
    $
    2,659,648
    
    
    $
    2,454,403
    
    
    $
    205,245
 Return on Equity and Assets
  December 312007
    
    
    2006
    
    
    2005Return on average total assets
    
    
    1.1
    %
    
    
    2.0
    %
    
    
    2.1
    %Return on average common shareholders equity
    
    
    12.6
    
    
    
    25.0
    
    
    
    21.8Dividend payout ratio (1)
    
    
    105.8
    
    
    
    26.6
    
    
    
    28.4Average equity to average total assets
    
    
    8.8
    
    
    
    8.0
    
    
    
    9.5
 
 (1)
    
    The 2007 ratio includes $1.00 per common share special cash dividend declared on 6/21/07.  28




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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 ITEM 9A. CONTROLS AND PROCEDURES
         
 ITEM 9B. OTHER INFORMATION
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PART III
 
 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
  Executive Officers of the Registrant
 Name and
    
    
    
    Principal Occupation(years with Company)
    
    Age
    
    for Past Five Years
    
    YearsRobert J. Glickman (38)(a)
    
    61
    
    President and Chief Executive Officer
    
    1984 - PresentRandy P. Curtis (10)
    
    49
    
    EVP, Retail Banking
    
    2005 - PresentSVP, Retail Banking
    
    1997 - 2004Michael G. Stein (16)
    
    47
    
    EVP, Commercial Lending
    
    1996 - PresentTim H. Taylor (19)
    
    43
    
    EVP and Chief Financial Officer,
    
    1998 - PresentSecretary, and TreasurerMichael E. Dulberg (8)
    
    42
    
    SVP and Chief Accounting Officer
    
    2004 - PresentFVP and Chief Accounting Officer
    
    2000 - 2004Michael W. Jump (16)
    
    63
    
    SVP, Operations
    
    2000 - PresentTerence W. Keenan (17)
    
    62
    
    SVP, Commercial Lending
    
    1990 - PresentRichard J. Koretz (16)
    
    44
    
    SVP, Finance
    
    2000 - PresentJoel C. Solomon (10)
    
    53
    
    SVP, Commercial Lending
    
    1997 - PresentTimothy J. Stodder (21)
    
    48
    
    SVP, Commercial Lending
    
    2005 - PresentFVP, Commercial Lending
    
    1996 - 2005Daniel A. Niedermeyer (18)
    
    42
    
    FVP, Consumer Lending/Operations
    
    2001 - Present
 
     30




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##### Table of Contents



Code of Ethics for Principal Officers
 www.corusbank.com
 
 ITEM 11. EXECUTIVE COMPENSATION
  
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
   
 ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE
  
 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
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PART IV
 
 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
 (a)
    
    The following Consolidated Financial Statements, Notes to Consolidated Financial Statements,
and the Reports of Independent Registered Public Accounting Firm are incorporated herein by
reference from the following pages of the registrants 2007 Annual Report:
 Index
    
    PagesConsolidated Balance Sheets
    
    
    10Consolidated Statements of Income
    
    
    11Consolidated Statements of Changes in Shareholders Equity
    
    
    12Consolidated Statements of Cash Flows
    
    
    13Notes to Consolidated Financial Statements
    
    
    14-44Reports of Independent Registered Public Accounting Firm
    
    
    45-46
 (b)
    
    Exhibits:
 3(i)
    
    Amended and Restated Articles of Incorporation are incorporated herein by reference
from Exhibit 4.1 to the Form S-8 filing dated May 23, 2006.3(ii)
    
    Amended By-Laws are incorporated herein by reference from Exhibit 3(ii) to the Form
10-Q filing dated November 8, 2007.4.1
    
    Form of Junior Subordinated Debt Securities Indenture is incorporated herein by
reference from Exhibit 4.1 to the Form 10-K filing dated March 14, 2006.4.2
    
    Form of Amended and Restated Declaration of Trust is incorporated herein by reference
from Exhibit 4.2 to the Form 10-K filing dated March 14, 2006.4.3
    
    Form of Guarantee Agreement is incorporated herein by reference from Exhibit 4.3 to the
Form 10-K filing dated March 14, 2006.4.4
    
    Summary Schedule of Subordinated Debentures is incorporated herein by reference from
Exhibit 4.4 to the Form 8-K filing dated July 2, 2007.4.5
    
    Amended and Restated Loan Agreement dated February 28, 2007, executed March 6, 2007 is
incorporated herein by reference from Exhibit 10.1 to the Form 10-Q filing dated May 10,
2007.4.6
    
    Amended and Restated Pledge and Security Agreement dated February 28, 2007, executed
March 6, 2007 is incorporated herein by reference from Exhibit 10.2 to the Form 10-Q filing
dated May 10, 2007.4.7
    
    Form of common stock certificate incorporated herein by reference from Exhibit 4.3 to
the Form S-8 filed on March 28, 2006.
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##### Table of Contents



10.1
    
    Amended and Restated Corus Bank N.A. Commission Program for Commercial Loan Officers is
incorporated herein by reference from Exhibit 10.2 to the Form 8-K filing dated December 7,
2007. (2)10.2
    
    The 1999 Stock Option Plan is incorporated herein by reference from Exhibit 4.3 to the
Form S-8 filing dated April 30, 1999. (2)10.3
    
    Form of Non-qualified Stock Option Agreement under the 1999 Stock Option Plan
(Transferable) is incorporated herein by reference from Exhibit 99.1 to the Form 8-K filing
dated February 16, 2005. (2)10.4
    
    Form of Non-qualified Stock Option Agreement under the 1999 Stock Option Plan
(Non-Transferable) is incorporated herein by reference from Exhibit 99.2 to the Form 8-K
filing dated February 16, 2005. (2)10.5
    
    Form of Change of Control Agreement between the Company and certain of its officers
from time to time is incorporated herein by reference from Exhibit 10 to the Form 8-K
filing dated December 7, 2007. (2)10.6
    
    Summary Description of Corus Bankshares Compensation for Directors is incorporated
herein by reference from Exhibit 10 to the Form 10-Q filing dated November 8, 2007.
(2)10.7
    
    Summary of Executive Compensation issued by the Company is incorporated herein by
reference from Exhibit 10.1 to the Form 8-K filing dated December 3, 2007. (2)10.8
    
    Corus Bankshares, Inc. Equity Award and Incentive Plan (As Amended) is incorporated
herein by reference from Exhibit 10 to the Form 8-K filing dated April 26, 2007.(2)10.9
    
    Form of Non-qualified Stock Option Agreement under the Equity Award and Incentive Plan
is incorporated herein by reference from Exhibit 10.3 to the Form 10-Q filing dated May 10,
2007. (2)10.10
    
    Commission Agreement and Release between the Company and Michael G. Stein is
incorporated herein by reference from Exhibit 10.11 to the Form 10-K filing dated February
27, 2007.(2)10.11
    
    Form of Restricted Stock Agreement is incorporated herein by reference from Exhibit
10.1 to the Form 8-K filing dated March 15, 2007.(2)10.12
    
    Form of Performance Restricted Stock Agreement is incorporated herein by reference
from Exhibit 10.2 to the Form 8-K filing dated March 15, 2007.(2)10.13
    
    Compensation Agreement entered into June 25, 2007 by and between Corus Bank, N.A. and
Michael Stein is incorporated herein by reference from Exhibit 10.2 to the Form 10-Q filing
dated August 7, 2007.(2)10.14
    
    Amendment of Existing Commission Program and Announcement of New Commission Program
for Commercial Loan Officers is incorporated herein by reference from Exhibit 10.1 to the
Form 8-K filing dated December 7, 2007.(2)
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11
    
    Computation of Net Income Per Share is incorporated herein by reference from page 40 of
the registrants 2007 Annual Report. (1)13
    
    Registrants 2007 Annual Report (excluding the portions that are not specifically
incorporated by reference in this Annual Report on Form 10-K appearing on pages 1 through 9
and 94 through 96 of the 2007 Annual Report). (1)14
    
    Corus Bankshares, Inc. Code of Business Conduct and Ethics is incorporated herein by
reference from Exhibit 14 to the Form 8-K filing dated August 31, 2006.21
    
    List of subsidiaries  see Part I of this Report23
    
    Consent of Independent Registered Public Accounting Firm (1)31.1
    
    Rule 13a-14(a)/15d-14(a) Certification (1)31.2
    
    Rule 13a-14(a)/15d-14(a) Certification (1)32
    
    Section 1350 Certifications (3)
 
 (1)
    
    Filed herewith(2)
    
    Management or Director contract or compensatory plan or arrangement(3)
    
    Furnished herewith  34




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##### Table of Contents



SIGNATURES
  Corus Bankshares, Inc.By:
    /s/  Tim H. TaylorTim H. TaylorExecutive Vice President &
Chief Financial Officer   /s/ Joseph C. Glickman
    
    Chairman of the Board of Directors
    
    February 26, 2008Joseph C. Glickman/s/ Robert J. Glickman
    
    President, Chief Executive Officer,
    
    February 26, 2008Robert J. Glickman
    
    &
Director/s/ Tim H. Taylor
    
    Executive Vice President & Chief
    
    February 26, 2008Tim H. Taylor
    
    Financial
Officer/s/ Michael E. Dulberg
    
    Senior Vice President & Chief
    
    February 26, 2008Michael E. Dulberg
    
    Accounting
Officer/s/ Robert J. Buford
    
    Director
    
    February 26, 2008Robert J. Buford/s/ Kevin R. Callahan
    
    Director
    
    February 26, 2008Kevin R. Callahan/s/ Rodney D. Lubeznik
    
    Director
    
    February 26, 2008Rodney D. Lubeznik/s/ Michael J. McClure
    
    Director
    
    February 26, 2008Michael J. McClure/s/ Peter C. Roberts
    
    Director
    
    February 26, 2008Peter C. Roberts
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EXHIBIT INDEX
 11
    
    Computation of Net Income Per Share is incorporated herein by reference from page 40 of
the registrants 2007 Annual Report. (1)13
    
    Registrants 2007 Annual Report (excluding the portions that are not specifically
incorporated by reference in this Annual Report on Form 10-K appearing on pages 1 through 9
and 94 through 96 of the 2007 Annual Report). (1)23
    
    Consent of Independent Registered Public Accounting Firm (1)31.1
    
    Rule 13a-14(a)/15d-14(a) Certification (1)31.2
    
    Rule 13a-14(a)/15d-14(a) Certification (1)32
    
    Section 1350 Certifications (3)
 
 (1)
    
    Filed herewith(2)
    
    Management or Director contract or compensatory plan or arrangement(3)
    
    Furnished herewith  36